TIN news: The Islamic Republic of Iran Shipping Lines (IRISL) is buying 10 bulk carriers from a Singapore-listed shipbuilder as restrictions on such deliveries to Iran ease, a report says.

The IRISL has made a USD 300-million order to Yangzijiang Shipbuilding Holdings Ltd. for the 82,000-ton ships, the Wall Street Journal reported.

The ships are expected to be delivered to IRISL in early 2017, an informed source told the paper.

“Banks that will be involved in the financing are looking into the order to make sure that no sanctions are violated…but chances are that if there is agreement on the price, the financing will go through,” an unnamed source said.

IRISL and its subsidiaries have received no new deliveries of non-oil vessels since 2010, two years after the Iranian company was slapped by US sanctions.

The development comes weeks after the General Court of the European Union (EU) scrapped sanctions imposed by the 28-nation bloc on the National Iranian Tanker Company (NITC) for its alleged role in Iran’s nuclear energy program.

At the beginning of 2012, the US and EU imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

On October 15, 2012, the EU foreign ministers reached an agreement on another round of sanctions against Iran.

Six world powers engaged in talks with Iran eased some of the sanctions on the Islamic Republic in January when an interim deal reached last year took effect.

Iran and the six countries – the United States, France, Britain, Russia, China and Germany – have set a November deadline for a permanent nuclear accord.

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